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The automotive tire retreading services market share is expected to increase by USD 745.75 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.69%.
This automotive tire retreading services market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers automotive tire retreading services market segmentation by technology (pre-cure and mold-cure) and geography (APAC, North America, Europe, South America, and Middle East and Africa). The automotive tire retreading services market report also offers information on several market vendors, including Aik Koon Tyre and Battery Co. Pte Ltd., Best-One Tire and Service, Bridgestone Corp., Continental AG, Eastern Treads Ltd, JK Tyre and Industries Ltd., Kal Tire Mining Tire Group, KRAIBURG AUSTRIA GmbH and CO. KG, MARANGONI Group, McCarthy Tire Service, Michelin Group, MRF Ltd., Nokian Tyres Plc, Pilipinas Kai Rubber Corp, Pomps Tire Service Inc, Purcell Tire Wholesale Center, Southern Tire Mart, The Goodyear Tire and Rubber Co., Tyresoles, and Zenises ltd among others.
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The environmental benefits associated with the adoption of retreaded tires is notably driving the automotive tire retreading services market growth, although factors such as retreaders facing cost pressure may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive tire retreading services industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Automotive Tire Retreading Services Market Driver
One of the key factors driving the global automotive tire retreading services market growth is the environmental benefits associated with the adoption of retreaded tires. Retreaded tires help control environmental pollution significantly by increasing the actual productive life of tires. This is because retreads are applied to original casings of used, worn-out tires that have not fully completed their actual lifecycle. Retreaded tires also conserve less energy compared to the energy used up in manufacturing new tires. About 7 gallons of oil are needed to retread a tire, while a new tire requires around 21 gallons of oil on average. This means a retreaded tire needs about 65% lesser oil in the manufacturing process and retains about 70% of existing material. Such factors will support the market growth in the coming years.
Key Automotive Tire Retreading Services Market Trend
Retreaders enhancing service offerings to satisfy customer demands is one of the key automotive tire retreading services market trends that is expected to impact the industry positively in the forecast period. Strong competition in the tire retreading services market is pushing retreaders to streamline operational processes and enhance customer satisfaction through effective servicing. For instance, Goodyear Tire & Rubber uses its authorized retreading process along with exclusive production control and performance reporting system to track retreads from pickup to delivery using multiple barcode labeling. Prominent tire retreading service providers are investing in new equipment and relocating service centers to tap customers effectively. They are also making efforts to reduce costs to remain competitive and be able to provide value to customers. Fleet management solutions have become crucial offerings for retreaders as they need to traverse beyond traditional solution offerings to provide value to customers. Such enhancements will support the market growth in the coming years.
Key Automotive Tire Retreading Services Market Challenge
One of the key challenges to the global automotive tire retreading services market growth is the cost pressure. The surge of imported new low-cost tires has put tremendous pressure on tire retreading service providers to maintain an edge on price. Additionally, prominent tire manufacturers are engaged in tread supply by adding retreaded offerings to their portfolio amid strong demand from commercial vehicles in the US and countries in the European Union. Prominent tire manufacturers such as Continental, Bridgestone, and Goodyear Tire & Rubber are engaged in manufacturing retreads and offer tire retreading services. This development has created tough competition among small players for making performance retreads at lower costs. The cost pressure is further aggravated by factors such as higher wages and raw material prices, among others, impeding the efficient operations of tire retreading service providers. This will lead to market consolidation, which may limit the market growth in the forecast period.
This automotive tire retreading services market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global automotive tire retreading services market as a part of the global tires and rubber market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive tire retreading services market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the automotive tire retreading services market encompasses successful business strategies deployed by the key vendors. The automotive tire retreading services market is fragmented and the vendors are deploying growth strategies such as product innovation to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The automotive tire retreading services market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the automotive tire retreading services market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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35% of the market's growth will originate from APAC during the forecast period. India, China, and Thailand are the key markets for automotive tire retreading services in APAC. However, market growth in this region will be slower than the growth of the market in other regions.
The rapidly growing logistics sector due to a strong boost to e-commerce will facilitate the automotive tire retreading services market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The COVID-19 pandemic led to a temporary shutdown of the automotive industry in several APAC countries, which led to a decline in the production of tires and related components in 2020. However, in 2021, the automotive tire retreading services market in APAC started to recover, due to the declining number of COVID-19 cases and the lifting of lockdown restrictions, following the initiation of mass vaccination drives. Thus, the regional market is expected to grow during the forecast period.
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The automotive tire retreading services market share growth by the pre-cure segment will be significant during the forecast period. In the pre-cure process, a used tire goes through the primary initial inspection and buffing process before entering the pre-cure retreading process. This process requires lower investments in addition to reduced follow-up costs, which will drive the segment growth in the coming years. For instance, Bridgestone Bandag retreading is a popular pre-cure retreading process among retreaders.
This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive tire retreading services market size and actionable market insights on post COVID-19 impact on each segment.
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Automotive Tire Retreading Services Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.69% |
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Market growth 2022-2026 |
$ 745.75 million |
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Market structure |
Fragmented |
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YoY growth (%) |
3.33 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 35% |
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Key consumer countries |
US, India, China, Thailand, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Aik Koon Tyre and Battery Co. Pte Ltd., Best-One Tire and Service, Bridgestone Corp., Continental AG, Eastern Treads Ltd, JK Tyre and Industries Ltd., Kal Tire Mining Tire Group, KRAIBURG AUSTRIA GmbH and CO. KG, MARANGONI Group, McCarthy Tire Service, Michelin Group, MRF Ltd., Nokian Tyres Plc, Pilipinas Kai Rubber Corp, Pomps Tire Service Inc, Purcell Tire Wholesale Center, Southern Tire Mart, The Goodyear Tire and Rubber Co., Tyresoles, and Zenises ltd |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Technology
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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